BuzzFeed News is shutting down, as parent company cuts 15% of jobs

BuzzFeed is shutting down its BuzzFeed News operation, with CEO Jonah Peretti writing in a company memo that it "can no longer continue to fund" the site. 

The company, known for a millennial-friendly site filled with listicles and viral videos, said it is also cutting 15% of its employee base, or about 180 workers. BuzzFeed News is the section of the site that produces journalism and news coverage, such as recent articles about the shooting at a Sweet 16 party in Alabama.

The outlet won a Pulitzer Prize in 2021 for reporting on the mass detention of Muslims in China.

Peretti's decision comes as BuzzFeed's revenue plunged 27% in the fourth quarter, prompting the business to tumble into the red. He underlined the challenges the company is facing in the memo, sent Thursday morning to his employees, adding that BuzzFeed must cut jobs and reduce spending as a result.

"We've faced more challenges than I can count in the past few years: a pandemic, a fading SPAC market that yielded less capital, a tech recession, a tough economy, a declining stock market, a decelerating digital advertising market and ongoing audience and platform shifts," Peretti wrote in the memo, which was shared with CBS MoneyWatch. 

He added, "I made the decision to overinvest in BuzzFeed News because I love their work and mission so much."

The company said there are "ongoing discussions about the future of BuzzFeedNews.com," but that it plans to preserve the section's work on the site.